All the following companies is most likely to use a job ordercosting system, EXCEPT:Oa.Private hospital companyO b. none of the given answers is correct.O c. Architecture consultancy companyOC.Od. Legal services companyO e. Shoes-making companyr costing system and allocates its

Job order costing is useful to the management of the company to identify the cost of the product…

Answered: All the following companies is most…

Business

Accounting

All the following companies is most likely to use a job costing system, EXCEPT:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

All the following companies is most likely to use a job order
costing system, EXCEPT:
Oa.
Private hospital company
O b. none of the given answers is correct.
O c. Architecture consultancy company
OC.
Od. Legal services company
O e. Shoes-making company
r costing system and allocates its

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Identify the following features as applying more to job order operations (J), process operations (P),or both job order and process operations (B). Measures unit costs only at period-end.
Describe a situation in which you would use job order costing information for a product. What specific costs would be on the job order costing sheet? What is a service that might utilize job order costing?
1. How does job order cost system differ from process costing? 2. Name and describe three major source documents used in job-costing system? 3. Identify the main difference between journal entries in process costing and job costing? 4. How does cost accounting function assist in the management of the business? 5. Name the three element of cost and explain
1. Which type of cost system, process or job order, would be best suited for each of the following: (a) TV assembler, (b) building contractor, (c) automobile repair shop, (d) paper manufacturer, (e) custom jewelry manufacturer? Give reasons for your answers. 2. In a job order cost system, direct labor and factory overhead applied are debited to individual jobs. How are these items treated in a process cost system and why?
True or false In a job costing system companies must accumulate costs and then assign costs to each job.
What types of companies use job order costing systems?
A job cost accounting system is suitable for similar products that are mass produced. True False
Process cost systems use job cost sheets. Select one: O a. FALSE O b. TRUE
A job cost accounting system is suitable for similar product that are mass produced true or false ?
There are basic systems of cost accounting. What are the two basic systems of cost accounting, and under what conditions may each be used advantageously? One of the basic systems is the job order cost system/job order costing.